20th Jul 2007 13:06
Press release For immediate release
Candover realises investment in Bureau van Dijk Electronic Publishing
Candover, a leading European buyout specialist, has today announced the sale of Bureau van Dijk Electronic Publishing (BvD EP), one of the world's leading electronic publishers of business information, to funds advised by BC Partners, with the deal expected to complete in October 2007, subject to regulatory approval. The terms of the transaction have not been disclosed although the sale will represent a return to the Candover 2001 Fund of 2.3x its original investment.
BvD EP is one of the world's leading specialist providers of electronic business and financial information. Data supplied includes ownership and directorship information, company activities and latest news. Customers include financial and consulting organisations, corporates, governments and research institutes. The company has approximately 380 employees across 25 offices worldwide and supplies some 5,000 clients.
Candover led the management buyout of BvD EP in November 2004. Since then the company has invested across its product range and into new geographic regions including expanding into Asia, the USA and Eastern Europe.
The sale of BvD EP represents a return of 2.3x Candover's original investment and an IRR of approximately 35%. This follows the 4x cash return achieved from the partial realization of Wellstream, which listed on the London Stock Exchange in April, the 2.5x return from the sale of Thule in May, and the 4.1x total return achieved on the realization of the Vetco Group from the sale of the remaining subsidiary, Aibel, in July. Out of its 16 investments, the Candover 2001 Fund has now fully realized five investments and partially realised a further six.
The sale of BvD EP results in an uplift of ‚£6.9 million compared to the 31 December 2006 valuation of BvD EP, equivalent to an increase of 32p per share (unaudited) in the net asset value of Candover Investments plc at that date.
Candover and the management team were advised by Goldman Sachs International** and Jefferies LongAcre.
Brian Mercer, Director of Candover, said:
"BvD EP has been a great investment for Candover, providing a return of 2.3x times our investment. Under our ownership, the business has increased sales by 53 per cent and profits by 59 per cent during the last two and half years. The management team, led by Bernard van Ommeslaghe and Dominique Carnoy, has driven the growth by expanding BvD EP's product range and developing into new territories. This strategy has led BvD EP to become one of the world's leading electronic publishers. We have every confidence that this success will continue under its new ownership and we wish the management and staff at BvD EP every success."
*Candover means Candover Investments plc and / or one or more of its subsidiaries, including Candover Partners Limited
as General Partner of the Candover 1997 and 2001 Funds and as Manager of the Candover 2005 Fund.
**Goldman Sachs International, which is authorized and regulated in the United Kingdom by the Financial Services Authority, is acting for Candover and no-one else in connection with the matters referred to in this announcement and will not be responsible to any person other than Candover for providing the protections afforded to clients of Goldman Sachs International or for advising any other person in relation to such matters.
For further information, please contact: Candover +44 (0) 20 7489 9848 Brian Mercer Tulchan Communications +44 (0) 20 7353 4200 Susanna Voyle/Peter Hewer Note to editors:Candover
Candover is a leading provider of private equity for large European buyouts. Founded in 1980, Candover has invested in 133 transactions with a value of almost ¢â€š¬40 billion. Investment in deals by Candover is provided in two forms, from Candover Investments plc, a publicly quoted investment trust, and from funds managed by Candover Partners Limited, a wholly owned subsidiary.
In November 2005, Candover raised the ¢â€š¬3.5bn Candover 2005 Fund which has made seven investments to date: the $565m buyout of Capital Safety Group, the leading global player in the fall protection market, the buyout of Parques Reunidos, a leading operator of regional attraction parks, the buyout of Ferretti, a leading manufacturer of high performance luxury motor yachts, the ¢â€š¬ 1bn acquisition of Hilding Anders, a leading European mattress and beds manufacturer, the acquisition of UK mail services company DX Services plc and merger with Secure Mail Services, the ¢â€š¬450 million buyout of Norwegian cable TV operator UPC Norway, and the ¢â€š¬480 million buyout of EurotaxGlass's Group, a leading provider of automotive data and intelligence services.
The Candover Group has five offices in London, Paris, Dƒ¼sseldorf, Madrid and Milan. Candover Partners is authorised and regulated by the Financial Services Authority in the UK.
For more information see www.candover.com
Bureau van Dijk Electronic Publishing
Bureau van Dijk Electronic Publishing (BvD EP), one of the world's leading electronic publishers of business information. It supplies data on more than 33 million companies, with a strong emphasis on private companies. Data supplied includes ownership and directorship information, company activities and latest news. Customers include financial and consulting organisations, corporates, governments and research institutes.
The company has approximately 380 employees across 25 offices worldwide and supplies some 5,000 clients.
For more information see www.bvdep.com
CANDOVER INVESTMENTS PLCRelated Shares:
CDI.L